Pilgrim Foods Offers A Rich Premium For Hillshire Brands
- Pilgrim Foods offers $45/share to acquire Hillshire Brands, implying a $6.4 billion enterprise value.
- The proposed deal would require Hillshire to renege on its obligation to buy Pinnacle Foods. Pilgrim would pick up the $163 million breakup fee.
- A Pilgrim / Hillshire tie-up would create sales and cost synergies, and Pilgrim is backed by JBS SA who owns ~75% of its equity.